Florida Attorney General James Uthmeir has filed a class-action lawsuit against Minnesota-based Target Corporation, accusing the retailer of "misleading and defrauding investors" with its diversity and social initiatives.

Target is being sued by the state of Florida over its Pride displays and DEI initiatives. The state claims Target did not warn shareholders first.

Target was sued on Thursday by the state of Florida for allegedly concealing the risks of diversity and social initiatives that led to a customer backlash and wiped billions of dollars from the retailer's market value.